Shares of Pinterest (PINS) are up 18% after the social media company reported third-quarter financial results that beat Wall Street forecasts on both the top and bottom lines.
Pinterest announced earnings per share (EPS) of $0.28 U.S. compared to $0.20 U.S. that had been expected among analysts, according to data from LSEG, formerly Refinitiv.
Revenue for the three months ended Sept. 30 rose 11% from a year earlier to $763.2 million U.S. That was ahead of the $743.5 million U.S. that was expected.
The company said that the number of global monthly active users on its platform rose 8% during Q3 from a year earlier to 482 million. Analysts were expecting 473 million monthly users.
Average revenue per user was $1.61 U.S., which beat analyst projections of $1.59 U.S.
In terms of forward guidance, Pinterest said it expects revenue growth of 11% to 13% in the current fourth quarter of 2023.
The midpoint of Pinterest’s Q4 guidance is higher than analyst estimates that had called for growth of 11.3%.
The company also said that its fourth-quarter operating expenses will likely decline by 9% to 13% year-over-year.
Prior to today (Oct. 31), Pinterest’s stock had increased 2% over the last 12 months to trade at $25.10 U.S. per share.